Forgiveness Information

On Monday June 24th, 2024, two different federal district courts in Kansas and Missouri handed down two different injunctions to the Department of Education’s proposed final rule to implement the additional forgiveness and payment reducing features of the Savings on Valuable Education program or SAVE. On Sunday June 30th, 2024, the 10th Circuit Court of Appeals partially overturned that injunction.

As we approach the crucial July 1, 2024 date for the official implementation of the Department of Education’s IDR Account Adjustment, Hope Credit is pleased to announce the forgiveness of more than $23 Million in student loan debt for hundreds of (former) Hope Credit clients.

April 30, 2024 is the deadline to consolidate FFEL or Parent Plus loans into a Direct Consolidation loan to remain eligible for the IDR One Time Account Adjustment.

In the past few months student loan borrowers have seen several new benefits to help reduce the cost of student loan repayment and increase student loan forgiveness. Now, the U.S. Department of Education is pushing for more targeted forgiveness benefits, which could make some borrowers eligible for forgiveness based on their unique or uncommon circumstances.

On August 1st, 2023, the U.S. Department of Education, in coordination with the various student loan servicers have began the process of implementing the new SAVE repayment program for eligible borrowers.

On July 14th, 2023 the U.S. Department of Education announced the latest implementation of the multi-step approach to address longstanding failures associated with student loan payment count tracking for the purpose of forgiveness.

On June 30th, 2023 the Supreme Court of The United States ruled in favor of the plaintiffs in 2 cases that were consequential to the implantation of the blanket student loan forgiveness program.

On June 3rd, 2023, the President of the United States signed the Fiscal Responsibility Act of 2023.

Beginning Sunday January 1st, 2023 (which was a holiday), the student loan servicer responsible for facilitating the Public Service Loan Forgiveness program began sending notifications to successful PSLF Waiver candidates that their loans have been forgiven in full. Fedloan Servicing, the previous student loan servicer responsible for PSLF administration had sent these notifications by email and/or documentation in a borrowers Fedloan account.

Beginning Tuesday November 22nd, 2022, more than 9 million student loan borrowers began receiving emails confirming the approval of their blanket student loan forgiveness applications, whether they had actually applied for the blanket student loan forgiveness or not.